The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.There's a certain someone I have (had) a bet with, where I suggested gas prices would eventually go back below $2 a gallon. I have since semi-officially conceded that bet for a couple of reasons.
1. Emotion: When prices kept rising, and rising, and rising, I began to think that maybe, they just might not go back down.
2. Reason: The state of Washington has enacted about a .9 cent a gallon gas-tax increase, and as such, if prices didn't go enough below $2, market be damned, the price at the pump would remain above $2.
While I still concede the bet (and once conceded, I can't unconcede, can I?), when watching the recent and rapid dip in prices, I'm heartened that we might get a significant price drop, bet be damned.